In 2018, the U.S. Department of Justice began investigating Binance, the world's largest cryptocurrency exchange, for suspected illegal remittances, money laundering, and violations of U.S. sanctions.
Just last night, after 5 years of back and forth, Binance finally reached a settlement with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network by admitting guilt and paying fines. This settlement marks the company's acknowledgment of past criminal compliance violations and signifies laying the groundwork for the next 50 years of development. Binance will pay a fine of $1.8 billion within 15 months and forfeit $2.5 billion in assets.
Cobo co-founder Shenyu immediately expressed his views on the matter: The regulatory agreement reached between the U.S. Department of Justice and Binance paves the way for ETFs. Thanks to CZ for his outstanding contributions to the industry. Let's explore the infinite possibilities of DeFi together!
As the founder, CZ appeared in a Seattle court, agreed to plead guilty, resigned as Binance CEO, and will not continue to hold executive positions, although he will retain the majority of Binance's shares. Currently, CZ has been released on bail after paying a $175 million personal guarantee, and the sentencing hearing is scheduled for February 24, 2024, Beijing time. The new CEO will be Richard Teng, the former global head of markets for the company.
CZ posted an open letter on Twitter, translated by the Baize Research Institute as follows.
Today, I resigned as CEO of Binance. Indeed, emotionally letting go is not easy. But I know this is the best choice. I made a mistake, and I must take responsibility. This is the best for our community, Binance, and myself. Binance is no longer a baby. Now it's time for me to make it walk and run. I know Binance will continue to grow and stand out with its strong backing. I am pleased to announce that our current former global head of regional markets, Richard Teng, has been appointed as the new CEO of Binance.
Teng is a high-quality leader with over thirty years of financial services and regulatory experience. He will lead the company through the next growth period. He will ensure that Binance achieves the next stage of security, transparency, compliance, and growth. Before joining Binance, Richard served as CEO of the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority; Chief Regulatory Officer of the Singapore Exchange (SGX); and Corporate Finance Director of the Monetary Authority of Singapore. With Richard and the entire team, I believe the best days for Binance and the crypto industry are ahead.
As a shareholder and former CEO who understands our company's history, I will provide necessary advice to the team in accordance with the framework set out in our U.S. institutional resolution.
What am I going to do next? I'll take a break first. In the past six and a half years, I haven't had a real day off (turn off the phone). After that, my current idea is that I might make some passive investments and become a minority token holder or shareholder of startups in the blockchain/Web3/DeFi, artificial intelligence, and biotechnology fields.
I am glad I finally have more time to study DeFi. I can't imagine being a CEO again to drive the development of a startup. I am satisfied with being a one-time (lucky) entrepreneur. If there are listeners, I might be willing to privately mentor a few upcoming entrepreneurs. At least I can tell them what not to do.
At this point, I am proud to point out that in our resolution with U.S. institutions, they:
- Did not accuse Binance of misappropriating any user funds,
- Did not accuse Binance of engaging in any market manipulation.
Funds are safe!
Therefore, I look forward to seeing the new leadership take office. Please join me in congratulating the well-deserved promotion of Teng.
On the open letter, many industry participants expressed their respect and gratitude for CZ's journey at Binance.
ShapeShift founder Erik Voorhees:
CZ, you are one of the great heroes on the epic front lines of cryptocurrency struggle, and you should be proud of Binance. Thank you!
Memeland COS Char:
Thank you for your hard work and passion in the crypto industry, CZ! It's the end of an era, a sad day, unique.
Tron founder Justin Sun:
CZ, I have known you for almost ten years, and during these ten years, you have been a leading figure for the community, the industry, and for me. In the past six years, you have founded Binance and taken the industry to unprecedented heights. Without you, the cryptocurrency industry would not have reached the heights it has today. I feel a bit sad when I think of you leaving this position, but when I think of you having more time to rest and enjoy life, I am truly happy for you. Thank you for everything you have done for the entire industry.
Floki core contributor Da Viking:
You are a legendary figure, CZ! I remember how difficult it was to buy altcoins in 2017 and how you changed the game forever through Binance! You have completely changed this industry and put in more effort than anyone else to make cryptocurrencies (especially altcoins!) accessible to the public. What you have done for this industry has not been adequately recognized. Today, I am a bit heartbroken, to be honest! I hope you continue to share your insights on cryptocurrencies (and anything real!) with us at least!
Note:
The above projects and opinions should not be considered investment advice. DYOR. According to the notice issued by the central bank and other departments on "Further Preventing and Dealing with the Risks of Speculation in Virtual Currency Trading," the content of this article is for information sharing only and does not promote or endorse any business or investment activities. Readers should strictly comply with local laws and regulations and not engage in any illegal financial activities.
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